"I'm pleased to announce that I will be returning to Green Bay, Wisconsin in 2015 for induction into the Green Bay Packers Hall of Fame and retirement of my jersey," Favre's statement said.

"It was a tremendous honor to play 16 years for the Green Bay Packers. Now to have my name placed among others such as Starr, Hornung, Kramer, Taylor, Lambeau, Nitschke, Lombardi, Davis, White and Hutson is a special honor that I share with all of my teammates and coaches, and that would not have been possible but for the foresight of Ron Wolf, the greatest GM in the history of the NFL.

"I'm truly looking forward to celebrating and sharing this special moment with all of the great fans of the Green Bay Packers."

The team is planning a joint announcement at 2:30 p.m. ET Monday afternoon along with the Packers Hall of Fame, the Packers said Sunday night in a press release.

Favre will join the event via teleconference.

Mark Murphy, Packers president and CEO, will speak at the announcement along with Packers Hall of Fame Inc. President Perry Kidder and former team president Bob Harlan, a member of the Hall of Fame executive committee.

The announcement, which will take place in the new Hall of Fame under construction in the Lambeau Field Atrium, comes shortly after a series of remarks regarding Favre's inevitable return to Green Bay.

Murphy, speaking to reporters last month, said he didn't anticipate retiring the former quarterback's number this year. At the time, Murphy expressed concern over Packers fans potentially booing Favre.

"That is an issue," Murphy told reporters at the time. "He doesn't want it, and neither do we. He wouldn't want to come back and get booed. You can't control 80,750 people."